Strong demand for anti-aging and skincare cosmetics is the key factor driving global cosmetic chemicals market over the past few years and trend is expected to continue over the forecast period. Cosmetic chemicals demand is expected to witness significant growth over the next seven years on account of huge demand for natural and organic cosmetics. Increasing consumer spending on cosmetics and toiletry products is one of the key factors to drive the market. In addition, increasing application scope of UV absorbers in personal care formulations is also expected to spur cosmetics chemicals market growth over the projected period. Moreover, growing popularity for multifunctional ingredients is anticipated to trigger the future market growth. Major companies in the cosmetics market have been shifting their focus towards organic grade cosmetics chemicals from petroleum oils and commodity surfactants, which is also likely to support the market growth. Increasing demand for innovative skin lightening ingredients is expected to open several growth opportunities for cosmetics chemicals market in near future. However, growing health concerns regarding ingredient toxicity is expected to inhibit the market growth over the forecast period.
Based on product type, the market can be segmented into emollients, surfactants, UV absorbers and conditioning polymers. Surfactants and UV absorbers are the major product segments accounting for major market share in 2013 owing to increasing application in skincare and make up products. These chemicals are extensively used as preservatives in cosmetics products to inhibit microbial growth. In addition, these chemicals contain various minerals, herbs, vitamins, antioxidants and fragrances, which are expected to have positive impact on market growth in cosmetic industry.
Major applications of cosmetic chemicals include skin care, hair care, make up and various fragrance products. Skin care products emerged as the largest application segment for cosmetic chemicals market in 2013 owing to its superior UV absorbing properties. Increasing safety concerns regarding the usage of sulfate-based surfactants in skin care products is further expected to drive the market growth in this segment. Make up and hair care products are also expected to witness considerable growth for cosmetic chemicals market over the next seven years on account of ability to inhibit microbial growth.
North America was the largest regional market for cosmetic chemicals market in 2013 followed by Europe and Asia Pacific. North America market is expected to grow significantly over the next seven years on account of biggest cosmetics market present in the U.S. Asia Pacific market is expected to witness the fastest growth over the forecast period on owing to growing consumer spending on cosmetic products coupled with increasing disposable income in this region. In addition, cosmetic chemicals market in Latin America and Middle East regions are expected to grow considerably in near future.
Some prominent players in cosmetic chemicals market include The Dow Chemical Company, Givaudan, Eastman Chemical Company, Lonza Group, BASF SE, Ashland Inc., Lanxess, P&G Chemicals, Solvay S.A., Evonik Industries AG, AkzoNobel N.V. and Bayer AG.
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